SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Cohen & Steers, Inc.
Filing Type: Form 13F Information Table (Schedule of Holdings)
Reporting Period: Quarter ended March 31, 2014
Context: This filing discloses the equity securities held by the investment manager at the end of the reporting period. It details the number of shares, value, and voting authority for each position.
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists a diversified portfolio of equity securities, including common stocks, preferred stocks, and exchange-traded funds (ETFs). The portfolio is heavily weighted toward Real Estate Investment Trusts (REITs), Master Limited Partnerships (MLPs), and financial sector equities.
Top Holdings by Value (Selected):
- ProLogis Inc: 36,193,322 shares valued at approximately $1.48 billion.
- Equity Residential: 27,375,264 shares valued at approximately $1.59 billion.
- Host Hotels & Resorts Inc: 38,899,913 shares valued at approximately $3.06 billion.
- Kimco Realty Corp: 33,407,478 shares valued at approximately $2.44 billion.
- Simon Property Group Inc: 21,500,277 shares valued at approximately $7.58 billion.
- UDR Inc: 33,667,434 shares valued at approximately $2.99 billion.
- Vornado Realty Trust: 13,734,906 shares valued at approximately $1.28 billion.
- Public Storage: 7,355,975 shares valued at approximately $5.32 billion.
Liquidity and Debt: As a Form 13F filing, this document does not report the company's own revenue, profit, cash flow, or debt levels. It strictly reports the holdings of the investment portfolio.
Material Changes and Voting Authority
Voting Authority: The filing indicates that Cohen & Steers, Inc. holds "Sole" voting authority for the vast majority of positions. Several large REIT positions (e.g., American Assets Trust, American Realty Capital Properties, Boston Properties, Equity Residential) show "Shared" voting authority, indicated by footnote references (1,2).
Comparative Analysis: This filing represents a snapshot of holdings as of March 31, 2014. It does not provide data for the prior comparable period (December 31, 2013) within this specific text, so material changes in position size or value cannot be calculated from this document alone.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are statutory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing includes a standard disclaimer stating that the SEC has not reviewed the information for accuracy or completeness. The portfolio's heavy concentration in real estate and energy infrastructure (MLPs) implies exposure to interest rate fluctuations and commodity price volatility, though specific risk factors are not detailed in this table.
Investor Verification Checklist
- Verify the total aggregate value of the portfolio by summing the "Value" column, noting that the provided text lists individual positions but not a grand total.
- Confirm the specific breakdown of "Shared" vs. "Sole" voting authority for the largest REIT holdings to understand control dynamics.
- Cross-reference the share counts for top holdings (e.g., Simon Property Group, Host Hotels) with the company's 10-Q or 10-K filings to assess the percentage of outstanding shares owned.
- Note that the filing does not disclose short positions or derivatives other than those explicitly listed as "Put" or "Call" (none were explicitly detailed in the provided text columns).